The Supreme Court’s Decision in
Tibble v. Edison International: What Are the Must Know Lessons for Plan Fiduciaries?
The Supreme Court’s decision in Tibble v. Edison International may be as important for what it didn’t say, as for what it did say.
In summary, the Court held that an ERISA investment fiduciary has an ongoing duty to monitor plan investments and that an allegation of a breach of this duty may give rise to a timely claim even when the fiduciary’s initial selection of an investment would be barred by ERISA’s six-year statute of limitations.
In holding that an investment fiduciary has an ongoing duty to monitor plan investments, the Court didn’t tell us anything we didn’t already know. At the same time, the Court’s thoughtful criticism of the Ninth Circuit’s definition of what constitutes a breach of fiduciary duty in this instance is significant, because it could be read to come close to what, in effect, amounts to a “continuing violation” theory, thus leaving plan investment fiduciaries liable for imprudent investments selected long ago --- and even before they became a fiduciary!
Nicholas J. White, Special Counsel, Trucker Huss
Nick’s practice focuses on ERISA consulting, particularly with respect to tax-qualified plans. His practice includes, but is not limited to, negotiating the resolution of plan defects, prohibited transactions and fiduciary breaches under the IRS’ and Department of Labor's remedial programs; advising and defending fiduciaries regarding their obligations and liabilities; and structuring qualified plans, health and welfare plans, and non-qualified deferred compensation arrangements.
Mark A. Davis, Senior Vice President, Financial Advisor,
joined CAPTRUST in 2009 where he is responsible for providing retirement plan advisory services to corporate fiduciaries. Earlier, Mark served as founding principal and vice president, financial advisor at Kravitz Davis Sansone. Mark has worked with the US Senate, House of Representatives and Government Accountability Office on a variety of retirement plan issues.
1 CE for ASPPA certifications
1 CEC for NIPA certifications
1 CPE for CEBS
1.5 hours MCLE for California attorneys
1.5 hours for California CPAs
1.5 hours for Certified Financial Planners
1 hour for ERPA and Enrolled Agents
Doors open at 7:30 a.m. for check-in, breakfast and networking. Our program will begin at 8:00 a.m. and this program will end at approximately 9:30 a.m. The registration fee includes a full breakfast buffet and hosted valet parking.
The reservation deadline for this event is Thursday,September 10, 2015
WP&BC Members can bring a guest for free! This is a wonderful opportunity to introduce your peers and colleagues to our Chapter. Remember, your guest should be a first-time visitor and potential member. Look for the free guest offer when you register online
The statements and materials presented at WP&BC Orange County Chapter events are solely the opinions of the speakers and do not represent the opinions or positions of WP&BC Orange County Chapter. In addition, WP&BC Orange County Chapter assumes no responsibility for the content or accuracy of the statements and materials presented by speakers at WP&BC Orange County Chapter events.